- This topic has 2 replies, 3 voices, and was last updated 1 year, 1 month ago by Sean Mize.
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March 1, 2023 at 10:59 am #1247Beverleigh H PiepersParticipant
As a small business owner myself, I’m interested in exploring the impact of fintech platforms on providing affordable and accessible financing to micro, small, and medium-sized enterprises (MSMEs). What have been your experiences using fintech platforms to access financing, and how do you think these platforms can continue to innovate and address the unique challenges faced by MSMEs?
March 2, 2023 at 1:12 am #1250Andrew StrattonParticipantAs a small business owner myself, I can relate to the challenges faced by micro, small, and medium-sized enterprises (MSMEs) in accessing financing. It’s heartening to know that fintech platforms are providing better customer service, flexible terms, and speed of funding to MSMEs, as cited by a study report.
I found it interesting that MSMEs are using fintech platforms not only to bail out struggling businesses but also to raise working capital for expansion and growth, as well as lend to individuals or other businesses. It’s great to see that these platforms are offering a variety of assistance to MSMEs during the pandemic, such as waived fees, eased payment plans, insurance or coverage plans, and additional credit facilities. The survey results indicate that fintech services complement, rather than compete with, traditional banking services in ASEAN countries. This is reassuring to know, as increased access to finance through fintech platforms can also encourage MSMEs to engage with traditional banks.
March 3, 2023 at 11:27 am #1256Sean MizeParticipantDefinitely! FinTech companies have brought a significant change to the way Micro, Small and Medium Enterprises (MSMEs) operate in this digital era. With their digital payment solutions, FinTech companies have introduced products that not only enhance the internal operations of MSMEs but also improve customer acquisition and service. FinTech companies have introduced various financial products for MSMEs, such as market lending, alternate credit scoring, and digital wallets, among others, which have proved to be effective.
With low transaction costs, FinTech companies are working closely with MSMEs to provide the best services to their clients and create a seamless customer experience. Take for instance Triterras’ Kratos platform which is powered by blockchain technology. The Kratos platform eliminates the need for paper documents, providing complete transparency and a single source of truth. The platform features a robust array of risk mitigation tools, smart contracts, and information management tools, making trade finance management quicker and more efficient. Recently, Triterras’s Kratos platform teamed up with Corpay’s Cross-Border business to assist MSMEs with cross-border transactions. This partnership will enable both Triterras and Kratos platform users to reduce their exposure to foreign exchange risk for their routine business needs.
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